Goldman Sachs' asset management division has agreed to purchase the mutual fund division of Dividend Growth Advisors, in a push to offer more income-generating funds.
Dividend’s flagship funds is the $153 million Rising Dividend Growth Fund, which will be renamed the Goldman Sachs Rising Dividend Growth Fund.
Dividend is a closely held company headquartered in Ridgeland, S.C., that specializes in investing in companies that pay dividends that increase at least 10% a year for a minimum of 10 consecutive years. Terms of the deal were not disclosed.
Lee Barney writes for Money Management Executive.